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MarketScreener Homepage  >  Equities  >  Nyse  >  CBL & Associates Properties, Inc.    CBL

CBL & ASSOCIATES PROPERTIES, INC.

(CBL)
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CBL & ASSOCIATES PROPERTIES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

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03/09/2020 | 04:13pm EDT
The following discussion and analysis of financial condition and results of
operations should be read in conjunction with the consolidated financial
statements and accompanying notes that are included in this annual report.
Capitalized terms used, but not defined, in this Management's Discussion and
Analysis of Financial Condition and Results of Operations have the same meanings
as defined in the notes to the consolidated financial statements.

Executive Overview


We are a self-managed, self-administered, fully integrated REIT that is engaged
in the ownership, development, acquisition, leasing, management and operation of
regional shopping malls, open-air and mixed-use centers, outlet centers,
associated centers, community centers and office properties. Our shopping
centers are located in 26 states, but are primarily in the southeastern and
midwestern United States. We have elected to be taxed as a REIT for federal
income tax purposes.

We conduct substantially all of our business through the Operating Partnership.
The Operating Partnership consolidates the financial statements of all entities
in which it has a controlling financial interest or where it is the primary
beneficiary of a VIE. See   Item 1. Business   for a description of our
Properties owned and under development as of December 31, 2019.

We had a net loss for the year ended December 31, 2019 of $131.7 million as
compared to a net loss of $99.2 million in the prior-year period. The operating
results of our Properties declined further in 2019 due to the ongoing challenges
in the retail environment that have resulted in tenant bankruptcies, store
closures and rental reductions for tenants with high occupancy costs. We
recognized non-cash impairment losses of $239.5 million related to six malls and
one community center and $61.8 million of expense related to a litigation
settlement entered into in 2019, which were partially offset by gain on
investments/deconsolidation of $67.2 million related to the sale of a portion of
our interests in two joint ventures and a gain on extinguishment of debt of
$71.7 million related to two Malls.

Same-center NOI (see below) decreased 6.5% as compared to the prior-year period.
Stabilized mall same-center sales per square foot increased to $386 for the
current year from $379 for the prior-year period. Diluted earnings per share
("EPS") attributable to common shareholders was ($0.89) per diluted share for
the year ended December 31, 2019 as compared to $(0.72) per diluted share for
the prior-year period. FFO, as adjusted, per diluted share (see below) decreased
21.4% for the year ended December 31, 2019 to $1.36 per diluted share as
compared to $1.73 per diluted share in the prior-year period.

As our results for 2019 and guidance for 2020 indicate, we are facing ongoing
challenges, including heightened bankruptcy and store closure activity from
retailers as they struggle to succeed in an increasingly competitive and
fast-changing industry. Revenues and occupancy were significantly impacted by
retailer bankruptcies, store closings, including the liquidation or
reorganization of several major retailers, and rent reductions for tenants with
high occupancy costs.

Average leasing spreads for comparable space under 10,000 square feet in our
stabilized malls were down 8.6% for leases signed in 2019, including a 11.5%
decrease in renewal lease rates and a 9.1% increase for new leases. Average
annual base rents for our same-center malls also decreased to $31.85 per square
foot as of December 31, 2019 compared to $32.64 per square foot for the
prior-year period.

In 2019 we continued to execute our strategy to transform our properties into
suburban town centers, primarily through the re-tenanting of former anchor
locations as well as diversification of in-line tenancy. We also significantly
extended our debt maturity schedule by replacing our unsecured credit facilities
and unsecured term loans with a new $1.185 billion secured facility with 16
banks that closed in January 2019, which provides us the flexibility to execute
on our operational and redevelopment goals. See   Liquidity and Capital
Resources   section for more information. While the industry and our Company
continue to face challenges, some of which may not be in our control, we believe
that the strategies in place to redevelop our Properties and diversify our
tenant mix will contribute to stabilization of our portfolio and revenues in
future years.

Same-center NOI and FFO are non-GAAP measures. For a description of same-center
NOI, a reconciliation from net income to same-center NOI, and an explanation of
why we believe this is a useful performance measure, see Non-GAAP Measure
-Same-center Net Operating Income in   "Results of Operations."   For a
description of FFO and FFO, as adjusted, a reconciliation from net income
attributable to common shareholders to FFO allocable to Operating

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Partnership common unitholders, and an explanation of why we believe this is a
useful performance measure, see Non-GAAP Measure - Funds from Operations within
the   "Liquidity and Capital Resources"   section.

Results of Operations

Comparison of the Year Ended December 31, 2019 to the Year Ended December 31, 2018


Properties that were in operation for the entire year during both 2019 and 2018
are referred to as the "2019 Comparable Properties." Since January 1, 2018, we
have opened two self-storage facilities and one community center as follows:





Property                                       Location          Date Opened

EastGate Mall - CubeSmart Self-storage (1) Cincinnati, OHSeptember 2018 The Shoppes at Eagle Point (1)

                 Cookeville, TN   November 

2018

Mid Rivers Mall - CubeSmart Self-storage (1) St. Peters, MOJanuary 2019

(1) A 50/50 joint venture that is accounted for using the equity method of

accounting and is included in equity in earnings of unconsolidated affiliates

in the accompanying consolidated statements of operations.



Revenues



                                Total for the Year                            Comparable
                                Ended December 31,                            Properties
                                2019          2018         Change         Core        Non-core        New         Dispositions       Change
Rental revenues               $ 736,878$ 829,113$ (92,235 )$ (52,041 )$  (1,817 )   $      -     $      (38,377 )$ (92,235 )
Management, development and       9,350        10,542        (1,192 )      (1,192 )           -            -                  -        (1,192 )
  leasing fees
Other                            22,468        18,902         3,566         3,743            50            -               (227 )       3,566
Total revenues                $ 768,696$ 858,557$ (89,861 )$ (49,490 )$  (1,767 )   $      -     $      (38,604 )$ (89,861 )

Rental revenues from the Comparable Properties declined primarily due to store closures and rent concessions for tenants with high occupancy cost levels, including tenants that declared bankruptcy in 2019 and 2018.


The decrease in management, development and leasing fees of $1.2 million was
primarily due to terminated contracts for properties that we were managing for
third-party owners.

The increase in other revenues of $3.6 million was primarily due to one-time
payments from third parties to waive certain restrictions related to prior
transactions.

Operating Expenses



                                  Total for the Year                            Comparable
                                  Ended December 31,                            Properties
                                  2019          2018         Change         Core        Non-core        New         Dispositions       Change
Property operating                108,905     $ 122,017$ (13,112 )$  (5,783 )$     (87 )   $      -     $       (7,242 )$ (13,112 )
Real estate taxes                  75,465        82,291        (6,826 )      (4,301 )        (144 )          -             (2,381 )      (6,826 )
Maintenance and repairs            46,282        48,304        (2,022 )       1,222          (206 )          -             (3,038 )      (2,022 )

Property operating expenses 230,652 252,612 (21,960 )

  (8,862 )        (437 )          -            (12,661 )     (21,960 )

Depreciation and amortization 257,746 285,401 (27,655 ) (12,252 ) (2,705 ) -

            (12,698 )     (27,655 )

General and administrative 64,181 61,506 2,675

  2,675             -            -                  -         2,675
Loss on impairment                239,521       174,529        64,992       152,810        25,221            -           (113,039 )      64,992
Litigation settlement              61,754             -        61,754        61,754             -            -                  -        61,754
Other                                  91           787          (696 )        (696 )           -            -                  -          (696 )
Total operating expenses        $ 853,945$ 774,835$  79,110$ 195,429$  22,079     $      -     $     (138,398 )$  79,110


Property operating expenses at the Comparable Properties decreased primarily due
to a change in the classification of bad debt expense as a result of the
adoption of ASC 842 effective January 1, 2019. Bad debt expense of $4.8 million
was included in property operating expenses for the year ended December 31,
2018; however, beginning January 1, 2019, rental revenues that are estimated to
be uncollectable are reflected as a decrease in rental revenues. For the year
ended December 31, 2019, we recognized $3.5 million as a reduction to rental
revenues for amounts that are

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estimated to be uncollectable, substantially all of which was related to the
Comparable Properties. The remaining decrease in property operating expenses of
the Comparable Properties was primarily due to maintenance and repairs,
marketing and payroll expenses. Real estate tax expense declined as a number of
the Comparable Properties experienced reductions in real estate taxes in their
respective markets.

The $15.0 million decrease in depreciation and amortization expense of the
Comparable Properties is primarily due to write-offs of tenant improvements and
intangible lease assets related to store closings in the prior year period, as
well as a lower basis in depreciable assets resulting from impairments recorded
in 2018 and 2019.

General and administrative expenses increased $2.7 million primarily due to higher legal expense related to litigation and adopting the new leasing standard in 2019, which resulted in discontinuing capitalizing the cost of leasing personnel for development and redevelopment projects, which were partially offset by reductions in salary and stock compensation costs.


During 2019, we recognized $239.5 million of loss on impairment of real estate
to write down the book value of six malls and one community center. During 2018,
we recognized $174.5 million of loss on impairment of real estate to write down
the book value of five malls and undeveloped land. See   Note 16   to the
consolidated financial statements for additional information on these
impairments.

During 2019, we recognized $61.8 million of litigation settlement expense related to the settlement of a class action lawsuit. See Note 15 to the consolidated financial statements for more information.

Other Income and Expenses

Interest and other income increased $0.9 million in 2019 compared to the prior-year period primarily due to additional interest income received related to a mortgage note receivable that was retired in the current year.


Interest expense decreased $13.8 million in 2019 compared to the prior-year
period. The decrease was primarily due to a $13.5 million decrease in
property-level interest expense, including default interest expense, due to
dispositions of encumbered properties during 2019 and a paydown in May 2019 of a
portion of the loan that is secured by The Outlet Shoppes at Laredo. This
decrease was partially offset by an increase of $3.2 million in corporate-level
interest expense due to higher variable rates on our corporate-level debt as
compared to the prior-year, partially related to the higher interest rate on our
new secured credit facility as compared with the previous credit facility, as
well as increases in LIBOR.

During 2019, we recorded $71.7 million of gain on extinguishment of debt related
to two malls. We transferred Acadiana Mall to the lender in satisfaction of the
non-recourse debt secured by the property. We sold Cary Towne Center and used
the net proceeds from the sale to satisfy a portion of the non-recourse loan
that secured the property. The remaining principal balance was forgiven.

During 2019, we recorded $67.2 million of gain on deconsolidation related to The
Outlet Shoppes at El Paso and The Outlet Shoppes at Atlanta. See   Note 7   for
more information.

The income tax provision of $3.2 million in 2019 relates to the Management Company, which is a taxable REIT subsidiary, and consists of a current tax provision of $0.5 million and a deferred tax provision of $2.7 million. The income tax benefit of $1.6 million in 2018 consists of a current tax provision of $1.3 million and a deferred tax benefit of $2.9 million.


Equity in earnings of unconsolidated affiliates decreased by $9.7 million during
2019 compared to the prior-year period. The decrease was primarily due to an
increase in depreciation and amortization expense related to the retirement of
certain real estate assets and decreases in rental revenues at several malls
primarily due to store closures and rent concessions for tenants with high
occupancy cost levels, including tenants in bankruptcy.

In 2019, we recognized $16.3 million of gain on sales of real estate assets
primarily related to the sale of two centers, a hotel, an office building and
seven outparcels. In 2018, we recognized a $19.0 million gain on sales of real
estate assets, which included $7.5 million for the sale of four operating
properties and $11.5 million related to the sale of 12 outparcels.

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See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2018 for a comparison of the year ended December 31, 2018 to the year ended December 31, 2017.


Non-GAAP Measure

Same-center Net Operating Income


NOI is a supplemental non-GAAP measure of the operating performance of our
shopping centers and other Properties. We define NOI as property operating
revenues (rental revenues, tenant reimbursements and other income) less property
operating expenses (property operating, real estate taxes and maintenance and
repairs).

We compute NOI based on the Operating Partnership's pro rata share of both
consolidated and unconsolidated Properties. We believe that presenting NOI and
same-center NOI (described below) based on our Operating Partnership's pro rata
share of both consolidated and unconsolidated Properties is useful since we
conduct substantially all of our business through our Operating Partnership and,
therefore, it reflects the performance of the Properties in absolute terms
regardless of the ratio of ownership interests of our common shareholders and
the noncontrolling interest in the Operating Partnership. Our definition of NOI
may be different than that used by other companies, and accordingly, our
calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of
our shopping center Properties, we believe that same-center NOI provides a
measure that reflects trends in occupancy rates, rental rates, sales at the
malls and operating costs and the impact of those trends on our results of
operations. Our calculation of same-center NOI excludes lease termination
income, straight-line rent adjustments, and amortization of above and below
market lease intangibles in order to enhance the comparability of results from
one period to another.

We include a Property in our same-center pool when we have owned all or a
portion of the Property since January 1 of the preceding calendar year and it
has been in operation for both the entire preceding calendar year ended
December 31, 2018 and the current year ended December 31, 2019. New Properties
are excluded from same-center NOI, until they meet these criteria. Properties
excluded from the same-center pool, which would otherwise meet these criteria,
are Properties that are being repositioned or Properties where we are
considering alternatives for repositioning, where we intend to renegotiate the
terms of the debt secured by the related Property or return the Property to the
lender. Greenbrier Mall and Hickory Point Mall were classified as Lender Malls
as of December 31, 2019.

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Due to the exclusions noted above, same-center NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss). A reconciliation of our same-center NOI to net income (loss) for the years ended December 31, 2019 and 2018 is as follows (in thousands):



                                                                 Year Ended December 31,
                                                                 2019               2018
Net loss                                                     $    (131,720 )$    (99,229 )
Adjustments: (1)
Depreciation and amortization                                      298,989           318,658
Interest expense                                                   227,151           237,892
Abandoned projects expense                                              91               787
Gain on sales of real estate assets                                (16,901 )         (20,608 )
Gain on extinguishment of debt                                     (71,722 )               -
Gain on investments/deconsolidation                                (67,242 )               -
Loss on impairment                                                 239,521           174,529
Litigation settlement                                               61,754                 -
Income tax provision (benefit)                                       3,153            (1,551 )
Lease termination fees                                              (3,794 )         (10,105 )
Straight-line rent and above- and below-market rent                 (6,781 )           3,387
Net (income) loss attributable to noncontrolling interests            (739 )             973
  in other consolidated subsidiaries
General and administrative expenses                                 64,181  

61,506

Management fees and non-property level revenues                    (12,203 )         (14,143 )
Operating Partnership's share of property NOI                      583,738           652,096
Non-comparable NOI                                                 (21,648 )         (51,131 )
Total same-center NOI                                        $     562,090$    600,965

(1) Adjustments are based on our Operating Partnership's pro rata ownership

share, including our share of unconsolidated affiliates and excluding

noncontrolling interests' share of consolidated Properties.



Same-center NOI decreased $38.9 million for the year ended December 31, 2019
compared to 2018. The NOI decline of 6.5% for 2019 was driven by a decline in
total revenue of $48.8 million offset by a $9.9 million decline in total
operating expenses. Rental revenues declined $58.0 million during 2019 primarily
due to the impact of store closures and rent concessions for tenants with high
occupancy cost levels, including tenants that declared bankruptcy. The decrease
in rental revenues includes the impact of $4.8 million of uncollectable
revenues, which was formerly categorized as bad debt expense included in
property operating expense in the prior-year period. The $9.9 million decrease
in total operating expenses was primarily driven by bad debt expense of $5.0
million in the prior-year period and a decrease in real estate tax expense of
$4.2 million.

Operational Review

The shopping center business is, to some extent, seasonal in nature with tenants
typically achieving the highest levels of sales during the fourth quarter due to
the holiday season, which generally results in higher percentage rents in the
fourth quarter. Additionally, the malls earn most of their rents from short-term
tenants during the holiday period. Thus, occupancy levels and revenue production
are generally the highest in the fourth quarter of each year. Results of
operations realized in any one quarter may not be indicative of the results
likely to be experienced over the course of the fiscal year.

We derive the majority of our revenues from the Mall Properties. The sources of our revenues by property type were as follows:



                      Year Ended December 31,
                      2019              2018
Malls                     91.0 %            91.2 %
Other Properties           9.0 %             8.8 %




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Mall Store Sales


Mall store sales include reporting mall tenants of 10,000 square feet or less
for Stabilized Malls and exclude license agreements, which are retail contracts
that are temporary or short-term in nature and generally last more than three
months but less than twelve months. The following is a comparison of our
same-center sales per square foot for Mall tenants of 10,000 square feet or
less:



                                                         Year Ended December 31,
                                                        2019                 2018           % Change

Stabilized mall same-center sales per square foot $ 386 $

       379                 2 %
Stabilized mall sales per square foot               $        386$        377                 2 %




Occupancy

Our portfolio occupancy is summarized in the following table (1):



                             As of December 31,
                             2019           2018
Total portfolio                 91.2 %        93.1 %
Malls:
Total Mall portfolio            89.8 %        91.8 %
Same-center Malls               89.8 %        91.9 %
Stabilized Malls                90.0 %        92.1 %
Non-stabilized Malls (2)        83.8 %        76.7 %
Other Properties:               96.0 %        97.4 %
Associated centers              95.6 %        97.4 %
Community centers               96.0 %        97.2 %



(1) As noted in Item 2. Properties , excluded Properties are not included in

occupancy metrics.

(2) Represents occupancy for The Outlet Shoppes at Laredo as of December 31, 2019

and December 31, 2018.

Bankruptcy-related store closures impacted 2019 occupancy by approximately 398 basis points or 702,000 square feet.

Leasing

The following is a summary of the total square feet of leases signed in the year ended December 31, 2019 as compared to the prior-year period:



                           Year Ended December 31,
                             2019            2018
Operating portfolio:
New leases                  1,054,336       1,131,057
Renewal leases              2,502,001       2,627,560
Development portfolio:
New leases                    306,688         441,594
Total leased                3,863,025       4,200,211




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Average annual base rents per square foot are computed based on contractual
rents in effect as of December 31, 2019 and 2018, including the impact of any
rent concessions. Average annual base rents per square foot for comparable small
shop space of less than 10,000 square feet were as follows for each Property
type (1):



                                  December 31,
                                2019        2018
Malls:
Same-center Stabilized Malls   $ 31.85$ 32.64
Stabilized Malls                 31.95       32.59
Non-stabilized Malls (2)         24.25       25.02
Other Properties:                15.51       15.29
Associated centers               13.84       13.82
Community centers                17.04       16.72
Office buildings                 19.04       17.22



(1) As noted in Item 2. Properties , excluded Properties are not included in

base rent. Average base rents for associated centers, community centers and

office buildings include all leased space, regardless of size.

(2) Represents average annual base rents for The Outlet Shoppes at Laredo as of

December 31, 2019 and December 31, 2018.



Results from new and renewal leasing of comparable small shop space of less than
10,000 square feet during the year ended December 31, 2019 for spaces that were
previously occupied, based on the contractual terms of the related leases
inclusive of the impact of any rent concessions, are as follows:



                                                                       New Initial                       New Average
                                      Square         Prior Gross       Gross Rent        % Change        Gross Rent        % Change
          Property Type                Feet           Rent PSF             PSF           Initial           PSF (2)         Average
All Property Types (1)                2,075,440     $       36.75$       33.30           (9.4 )%   $       33.81           (8.0 )%
Stabilized Malls                      1,922,548             37.45             33.76           (9.9 )%           34.25           (8.6 )%
New leases                              295,391             35.02             36.28            3.6 %            38.21            9.1 %
Renewal leases                        1,627,157             37.90             33.30          (12.1 )%           33.53          (11.5 )%



(1) Includes Stabilized Malls, associated centers, community centers and other.

(2) Average gross rent does not incorporate allowable future increases for

recoverable CAM expenses.



New and renewal leasing activity of comparable small shop space of less than
10,000 square feet for the year ended December 31, 2019 based on commencement
date is as follows:



                            Number                       Term       Initial       Average       Expiring
                              of          Square          (in         Rent         Rent           Rent           Initial Rent             Average Rent
                            Leases         Feet         years)        PSF           PSF           PSF               Spread                   Spread
Commencement 2019:
New                             106         222,063        7.22     $  42.86$   45.21$    44.07$ (1.21 )      (2.7 )%   $  1.14         2.6 %
Renewal                         539       1,656,150        2.72        31.43         31.65          35.98       (4.55 )     (12.6 )%     (4.33 )     (12.0 )%
Commencement 2019 Total         645       1,878,213        3.46        32.78         33.26          36.94       (4.16 )     (11.3 )%     (3.68 )     (10.0 )%


Commencement 2020:
New                              48         173,023        7.55        28.88         30.41          24.92        3.96        15.9 %       5.49        22.0 %
Renewal                         217         667,644        2.73        30.06         30.37          34.50       (4.44 )     (12.9 )%     (4.13 )     (12.0 )%
Commencement 2020 Total         265         840,667        3.60        29.81         30.38          32.53       (2.72 )      (8.4 )%     (2.15 )      (6.6 )%

Total 2019/2020                 910       2,718,880        3.50     $  31.86$   32.37$    35.57$ (3.71 )     (10.4 )%   $ (3.20 )      (9.0 )%




We are working to diversify and stabilize revenues. In recent months, we have
opened 15 new tenants in former anchor locations, adding more productive, higher
traffic-driving uses. Also, we have another dozen committed replacements either
under construction or with planning underway. We are proactively reducing our
exposure to apparel retailers with more than 76% of 2019 mall leasing completed
with non-apparel tenants.

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Liquidity and Capital Resources


In January 2019, we entered into a new $1.185 billion senior secured credit
facility, which included a fully-funded $500 million term loan and a revolving
line of credit with a borrowing capacity of $685 million. The facility replaced
all of the Company's prior unsecured bank facilities, which included three
unsecured term loans with an aggregate balance of $695 million and three
unsecured revolving lines of credit with an aggregate capacity of $1.1 billion.
At closing, we utilized the line of credit to reduce the principal balance of
the unsecured term loans from $695 million to $500 million. The facility matures
in July 2023 and bears interest at a variable rate of LIBOR plus 2.25%. The
Operating Partnership is required to pay an annual facility fee on the line of
credit balance, to be paid quarterly, which ranges from 0.25% to 0.35%, based on
the unused capacity of the line of credit. The principal balance on the term
loan will be reduced by $35 million per year in quarterly installments. The
senior secured credit facility is secured by a portfolio of the Company's
Properties consisting of seventeen malls and three associated centers. The
facility contains customary provisions upon which the Properties may be released
from the collateral securing the Facility. The senior secured credit facility
contains, among other restrictions, various restrictive covenants that are
defined and computed on the same basis as the covenants required under the
Notes. Such covenants relate to the Operating Partnership's and the Company's
aggregate unsecured debt, aggregate secured debt, maintenance of unencumbered
assets and debt service coverage. The Credit Agreement for the senior secured
credit facility contains default and cross-default provisions customary for
transactions of this nature (with applicable customary grace periods). Any
default (i) in the payment of any recourse indebtedness greater than or equal to
$50.0 million (for the Company's ownership share), or any non-recourse
indebtedness greater than or equal to $150.0 million (for the Company's
ownership share) or (ii) that results in the acceleration of the maturity of
recourse indebtedness greater than or equal to $50.0 million (for the Company's
ownership share), or any non-recourse indebtedness greater than or equal to
$150.0 million (for the Company's ownership share) of the Company or the
Operating Partnership will constitute an event of default under the Credit
Agreement. At all times during the term of the Credit Agreement, there shall be
no fewer than ten Borrowing Base Properties (as defined in the Credit Agreement)
which have an aggregate occupancy rate of not less than 80% on a quarterly
basis. In addition, at all times the Company shall be required to maintain a
minimum debt yield of 10% for the Borrowing Base Properties based on the
outstanding balance of the facility. The Credit Agreement provides that, upon
the occurrence and continuation of an event of default, payment of all amounts
outstanding under the facility may be accelerated and the lenders' commitments
may be terminated. The Company is a limited guarantor of the Operating
Partnership's obligations under the terms of the new Credit Agreement.

During 2019, we reduced our total pro rata share of debt by $409.0 million
excluding debt issuance costs. In addition to scheduled amortization, we sold
Cary Towne Center and transferred Acadiana Mall to the lender, which resulted in
a reduction of $163.5 million. We closed on $185.7 million in gross asset sales,
which consisted of $137.1 million related to the sale of properties and
outparcels and $48.6 million related to the sale of a portion of our interests
in two joint ventures. In conjunction with the sale of our interests in these
joint ventures, our partner assumed $30.0 million of related debt. Excess
proceeds from the sales were used to retire debt. See   Note 6   and   Note 7
for additional information on dispositions.

In 2019, we entered into four unconsolidated construction loans totaling $38.3
million. We refinanced the loan secured by one of our consolidated malls to
increase the principal balance to $50.0 million and used the net proceeds from
the new loan to retire the existing $41.0 million loan. Also, we exercised an
option to extend the loan secured by a consolidated mall to May 2021. In
conjunction with the extension, a payment of $10.8 million was made to reduce
the outstanding balance of the loan to $43.0 million, of which our joint venture
partner funded its 35% share. See   Note 7   and   Note 8   to the consolidated
financial statements for more information on 2019 loan activity.

In April 2019, we entered into a settlement agreement and release with respect
to a class action lawsuit. Under the terms of the settlement agreement, we did
not pay any dividends to holders of our common stock payable in the third and
fourth quarters of 2019. Unrelated to the settlement agreement, the board of
directors decided to suspend dividends in 2020, subject to quarterly review. See

Note 15 to the consolidated financial statements for more information related to the settlement.


As of December 31, 2019, we had $310.9 million outstanding on our secured line
of credit leaving $374.1 million of availability, after considering outstanding
letters of credit of $4.8 million, as well as unrestricted cash and cash
equivalents of $32.8 million. Our total pro rata share of debt at December 31,
2019 was $4.3 billion. Our consolidated unencumbered properties generated
approximately 27.4% of total consolidated NOI for the year ended December 31,
2019 (excluding dispositions and Excluded Malls).

We derive the majority of our revenues from leases with retail tenants, which
have historically been the primary source for funding short-term liquidity and
capital needs such as operating expenses, debt service, tenant construction
allowances, recurring capital expenditures, dividends and distributions. We
believe that the cash flows generated from our operations, combined with our
debt and equity sources, including but not limited to, the availability under
our secured line

                                       57
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of credit, the suspension of dividends on our preferred stock and common stock
and proceeds from dispositions will, for the foreseeable future, provide
adequate liquidity to meet our cash needs. In addition to these factors, subject
to market conditions, we have options available to us to generate additional
liquidity, including but not limited to, debt and equity offerings, joint
venture investments, issuances of noncontrolling interests in our Operating
Partnership, and decreasing expenditures related to tenant construction
allowances and other capital expenditures. We also generate revenues from sales
of peripheral land at our properties and from sales of real estate assets when
it is determined that we can realize an optimal value for the assets.

Cash Flows - Operating, Investing and Financing Activities


There was $59.1 million of cash, cash equivalents and restricted cash as of
December 31, 2019, an increase of $1.6 million from December 31, 2018. Of this
amount, $32.8 million was unrestricted cash as of December 31, 2019. Our net
cash flows are summarized as follows (in thousands):



                                                  Year Ended December 31,
                                                    2019             2018          Change
Net cash provided by operating activities       $     273,408$  377,242$ (103,834 )
Net cash provided by (used in) investing
activities                                             24,586        (27,469 )       52,055
Net cash used in financing activities                (296,448 )     (360,433 )       63,985
Net cash flows                                  $       1,546$  (10,660 )$   12,206

Cash Provided by Operating Activities

• Cash provided by operating activities during 2019 decreased $103.8

million to $273.4 million from $377.2 million during 2018. The decrease

in operating cash flows was primarily due to a decline in rental revenues

         related to store closures and rent concessions for tenants with high
         occupancy cost levels, including tenants in bankruptcy, properties that

were disposed of and payment of amounts under the class action litigation

settlement.

Cash Provided by (Used in) Investing Activities

• Cash provided by investing activities during 2019 was $24.6 million,

representing a $52.1 million difference as compared to cash used by

investing activities of $27.5 million in the prior-year period. The cash

inflow for 2019 was primarily related to a greater amount of proceeds

from sales in the current year combined with lower cash paid for capital

expenditures as we continue to focus on controlling such expenditures.

These increases were partially offset by a lower amount of distributions

from unconsolidated affiliates in 2019 as we received a distribution from

an unconsolidated affiliate in 2018 related to excess proceeds from the

refinancing of a mortgage loan.

Cash Used in Financing Activities

• Cash flows used in financing activities during 2019 was $296.4 million as

compared to $360.4 million in the prior-year period. The reduction in our

common and preferred stock dividend resulted in savings in dividends and

         distributions paid to common and preferred shareholders and the
         noncontrolling interest holders in the Operating Partnership. This was
         partially offset by the additional principal payments on debt and the

payment of deferred financing costs, which were mostly related to our new

         secured credit facility.



See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2018 for a comparison of the year ended December 31, 2018 to the year ended December 31, 2017.


Debt of the Company

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of our debt.


CBL is a limited guarantor of the Notes, as described in   Note 8   to the
consolidated financial statements, for losses suffered solely by reason of fraud
or willful misrepresentation by the Operating Partnership or its affiliates. We
also provide a similar limited guarantee of the Operating Partnership's
obligations with respect to our secured credit facility as of December 31, 2019.

                                       58

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Debt of the Operating Partnership


The following tables summarize debt based on our pro rata ownership share,
including our pro rata share of unconsolidated affiliates and excluding
noncontrolling investors' share of consolidated Properties, because we believe
this provides investors and lenders a clearer understanding of our total debt
obligations and liquidity (in thousands):



                                                                                                                       Weighted-
                                                                                                                        Average
                                                             Noncontrolling       Unconsolidated                       Interest
December 31, 2019:                        Consolidated         Interests            Affiliates           Total         Rate (1)
Fixed-rate debt:
Non-recourse loans on operating
Properties (2)                           $    1,330,561$        (30,658 )$        623,193$ 1,923,096            4.88 %
Recourse loans on operating Properties
(3)                                                   -                    -               10,050          10,050            3.74 %
Senior unsecured notes due 2023 (4)             447,894                    -                    -         447,894            5.25 %
Senior unsecured notes due 2024 (5)             299,960                    -                    -         299,960            4.60 %
Senior unsecured notes due 2026 (6)             617,473                    -                    -         617,473            5.95 %
Total fixed-rate debt                         2,695,888              (30,658 )            633,243       3,298,473            5.10 %
Variable-rate debt:
Recourse loans on operating Properties           41,950                    -               69,046         110,996            4.13 %
Construction loans                               29,400                    -               35,362          64,762            4.45 %
Secured line of credit (7)                      310,925                    -                    -         310,925            3.94 %
Secured term loan (7)                           465,000                    -                    -         465,000            3.94 %
Total variable-rate debt                        847,275                    -              104,408         951,683            4.00 %
Total fixed-rate and variable-rate
debt                                          3,543,163              (30,658 )            737,651       4,250,156            4.86 %
Unamortized deferred financing costs            (16,148 )                318               (2,851 )       (18,681 )
Total mortgage and other indebtedness,
net                                      $    3,527,015$        (30,340 )$        734,800$ 4,231,475




                                                                                                                       Weighted-
                                                                                                                        Average
                                                             Noncontrolling       Unconsolidated                       Interest
December 31, 2018:                        Consolidated         Interests            Affiliates           Total         Rate (1)
Fixed-rate debt:
Non-recourse loans on operating
Properties (2)                           $    1,783,097$        (94,361 )$        540,068$ 2,228,804            5.01 %
Recourse loans on operating Properties
(3)                                                   -                    -               10,605          10,605            3.74 %
Senior unsecured notes due 2023 (4)             447,423                    -                    -         447,423            5.25 %
Senior unsecured notes due 2024 (5)             299,953                    -                    -         299,953            4.60 %
Senior unsecured notes due 2026 (6)             616,635                    -                    -         616,635            5.95 %
Total fixed-rate debt                         3,147,108              (94,361 )            550,673       3,603,420            5.16 %
Variable-rate debt:
Recourse loans on operating Properties           68,607                    -               96,012         164,619            4.91 %
Construction loans                                8,172                    -                3,892          12,064            5.20 %
Unsecured lines of credit (7)                   183,972                    -                    -         183,972            3.90 %
Unsecured term loans (7)                        695,000                    -                    -         695,000            4.21 %
Total variable-rate debt                        955,751                    -               99,904       1,055,655            4.28 %
Total fixed-rate and variable-rate
debt                                          4,102,859              (94,361 )            650,577       4,659,075            4.96 %
Unamortized deferred financing costs            (15,963 )                804               (2,687 )       (17,846 )
Liabilities related to assets held for
sale (8)                                        (43,716 )                  -                    -         (43,716 )
Total mortgage and other indebtedness,
net                                      $    4,043,180$        (93,557 )$        647,890$ 4,597,513

(1) Weighted-average interest rate includes the effect of debt premiums and

discounts, but excludes amortization of deferred financing costs.

(2) An unconsolidated affiliate has an interest rate swap on a notional amount of

$43,623 as of December 31, 2019 and $44,863 as of December 31, 2018 related

to a variable-rate loan on Ambassador Town Center to effectively fix the

interest rate on this loan to a fixed-rate of 3.22%.

(3) An unconsolidated affiliate has an interest rate swap on a notional amount of

$10,050 as of December 31, 2019 and $10,605 as of December 31, 2018 related

    to a variable-rate loan on Ambassador Town Center - Infrastructure
    Improvements to effectively fix the interest rate on this loan to a
    fixed-rate of 3.74%.

(4) The balance is net of an unamortized discount of $2,106 and $2,577 as of

December 31, 2019 and 2018, respectively.

(5) The balance is net of an unamortized discount of $40 and $47 as of

December 31, 2019 and 2018, respectively.

(6) The balance is net of an unamortized discount of $7,527 and $8,365 as of

December 31, 2019 and 2018, respectively.

(7) We replaced our unsecured lines of credit and unsecured terms loans in

January 2019 with a new secured senior credit facility.

(8) Represents a $43,716 non-recourse mortgage loan secured by Cary Towne Center

    that was classified on the consolidated balance sheet as liabilities related
    to assets held for sale.


                                       59
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The following table presents our pro rata share of consolidated and unconsolidated debt as of December 31, 2019, excluding debt premiums and discounts, that is scheduled to mature in 2020 (in thousands):



                                                        Balance
Consolidated Properties:
Burnsville Center                                      $  64,867
Parkway Place                                             33,290   (1)
Valley View Mall                                          51,514   (1)
                                                         149,671
Unconsolidated Properties:
The Outlet Shoppes at Atlanta - Phase II                   4,443
The Outlet Shoppes at the Bluegrass - Phase II             9,242

Ambassador Town Center - Infrastructure Improvements 10,050 The Shoppes at Eagle Point

                                17,594   (2)
                                                          41,329
Total 2020 Maturities at pro rata share                $ 191,000

(1) Subsequent to December 31, 2019, we utilized our secured credit

    facility to retire this loan. See   Note 20   to the
    consolidated financial statements for more information.




(2) This loan has one two-year extension option.



In addition, $92.2 million of our pro rata share of consolidated and
unconsolidated debt is related to two operating property loans, Greenbrier Mall
and Hickory Point Mall, which matured in 2019. We are in discussions with the
lenders regarding both loans.

The weighted-average remaining term of our total share of consolidated and unconsolidated debt was 3.9 years and 4.0 years at December 31, 2019 and 2018, respectively. The weighted-average remaining term of our pro rata share of fixed-rate debt was 4.1 years and 4.8 years at December 31, 2019 and 2018, respectively.

As of December 31, 2019 and 2018, our pro rata share of consolidated and unconsolidated variable-rate debt represented 22.5% and 22.8%, respectively, of our total pro rata share of debt.

See Note 7 and Note 8 to the consolidated financial statements for additional information concerning the amount and terms of our outstanding indebtedness as of December 31, 2019.

Credit Ratings

We had the following credit ratings as of December 31, 2019:



Rating Agency   Rating (1)   Outlook
    Fitch          CCC+      Negative
   Moody's          B2       Negative
     S&P            B        Negative



(1) Based on the Operating Partnership's long-term issuer rating.

Senior Unsecured Notes

The table below presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2019.




Debt Covenant Compliance Ratios (1)                  Required     Actual
Total debt to total assets                           < 60%             51 %
Secured debt to total assets                         < 40% (2)         32 %
Total unencumbered assets to unsecured debt         > 150%            172 %

Consolidated income available for debt service to

  annual debt service charge                        > 1.5x            2.3 x



(1) The debt covenant compliance ratios for the secured line of credit, the

secured term loan and the senior unsecured notes are defined and computed on

the same basis.

(2) Secured debt to total assets is required to be less than 40% for the 2026

Notes. Secured debt to total assets must be less than 45% for the 2023 Notes

and the 2024 Notes until January 1, 2020, after which the required ratio was

    reduced to 40%.


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Subject to the need to maintain compliance with all applicable debt covenants,
the Operating Partnership, or any affiliate of the Operating Partnership, may at
any time, or from time to time, repurchase outstanding Notes in the open market
or otherwise. Such Notes may, at the option of the Operating Partnership or the
relevant affiliate of the Operating Partnership, be held, resold or surrendered
to the Trustee for cancellation.

Unencumbered Consolidated Portfolio Statistics




                                                                                                  % of Consolidated
                                        Sales Per Square                                            Unencumbered
                                        Foot for the Year                                              NOI for
                                          Ended (1) (2)                  Occupancy (2)             the Year Ended
                                   12/31/19         12/31/18        12/31/19       12/31/18           12/31/19           (3 )
Unencumbered consolidated
Properties:
Tier 1 Malls                       $     382$       368           88.6 %         88.4 %                  16.3 %   (4 )
Tier 2 Malls                             330               329           84.9 %         87.5 %                  32.4 %
Tier 3 Malls                             278               280           86.9 %         92.2 %                  30.5 %
Total Malls                              312               311           86.4 %         90.0 %                  79.2 %

Total Associated Centers                 N/A               N/A           96.0 %         97.2 %                  15.6 %

Total Community Centers                  N/A               N/A           96.8 %         99.0 %                   5.0 %

Total Office Buildings & Other           N/A               N/A          100.0 %         93.6 %                   0.2 %

Total Unencumbered Consolidated
Portfolio                          $     312$       311           90.1 %         92.8 %                 100.0 %



(1) Represents same-center sales per square foot for mall tenants 10,000 square

feet or less for stabilized malls.

(2) Operating metrics are included for unencumbered consolidated operating

properties and do not include sales or occupancy of unencumbered parcels.

(3) Our consolidated unencumbered properties generated approximately 27.4% of

total consolidated NOI of $501,171,170 (which excludes NOI related to

dispositions) for the year ended December 31, 2019.

(4) NOI is derived from unencumbered Tier One Malls, as well as unencumbered

portions of Tier One Malls that are otherwise secured by a loan. The

unencumbered portions include outparcels, Anchors and former Anchors that

    have been redeveloped.



Mortgages on Operating Properties

2019 Loan Activity




In 2019, we entered into four unconsolidated construction loans totaling $38.3
million. We refinanced the loan secured by one of our consolidated malls to
increase the principal balance to $50.0 million and used the net proceeds from
the new loan to retire the existing $41.0 million loan. We repaid two fixed-rate
consolidated loans totaling $35.5 million. In conjunction with our
deconsolidation of two properties, our joint venture partner assumed $30.0
million of related debt. Lastly, we recognized a $71.7 million gain on
extinguishment of debt related to two consolidated malls. See   Note 7   and

Note 8 to the consolidated financial statements for more information on 2019 loan activity.


Equity

At-The-Market Equity Program

We have not sold any shares under the ATM program since 2013. See Note 9

to

the consolidated financial statements for a description of our ATM program.

Preferred Stock / Preferred Units


Our authorized preferred stock consists of 15,000,000 shares at $0.01 par value
per share. The Operating Partnership issues an equivalent number of preferred
units to CBL in exchange for the contribution of the proceeds from CBL to the
Operating Partnership when CBL issues preferred stock. The preferred units
generally have the same terms and economic characteristics as the corresponding
series of preferred stock. See   Note 9   to the consolidated financial
statements for a description of our cumulative redeemable preferred stock.

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In December 2019, we announced the suspension of all future dividends on our
7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E
Cumulative Redeemable Preferred Stock, subject to review each quarter by our
Board of Directors. Unpaid dividends on the preferred stock will accrue without
interest.

Dividends - CBL

CBL paid a first quarter 2019 cash dividend on its common stock of $0.075 per
share on April 16th. Under the terms of the settlement agreement in a class
action lawsuit discussed in Item 3 of this report, we did not pay any dividends
to holders of our common stock payable in the third and fourth quarters of 2019.
As noted above, we suspended all future dividends on our common stock and
preferred stock, as well as distributions to all noncontrolling interest
investors in our Operating Partnership (as noted below). No dividends may be
paid on shares of our common stock unless (i) all accrued but unpaid dividends
on our preferred stock, and any current dividend then due, have been paid in
cash, or a cash sum sufficient for such payment has been set apart for payment
and (ii) the SCU Distribution Shortfall created by our related suspension of
distributions to noncontrolling interest investors in our Operating Partnership
has likewise been remedied through the payment of distributions sufficient to
satisfy such shortfall for all prior periods and the then-current period
(thereby allowing the resumption of distributions on the common units in the
Operating Partnership that are held by the CBL, which fund our common stock
dividends). We will review taxable income on a regular basis and take measures,
if necessary, to ensure that we meet the minimum distribution requirements to
maintain our status as a REIT.

During the year ended December 31, 2019, we paid dividends of $59.6 million to
holders of our common stock and our preferred stock, as well as $18.8 million in
distributions to the noncontrolling interest investors in our Operating
Partnership and other consolidated subsidiaries.

Distributions - The Operating Partnership


The Operating Partnership paid first, second and third quarter 2019 cash
distributions on its redeemable common units of $0.7322 per share on April 16th,
July 16th and October 16th. The Operating partnership paid first quarter cash
distributions on its common units of $0.075 per share on April 16th. The
Operating Partnership has suspended all future distributions until further
notice.

As a publicly traded company and, as a subsidiary of a publicly traded company,
we have access to capital through both the public equity and debt markets. We
currently have a shelf registration statement on file with the SEC authorizing
us to publicly issue senior and/or subordinated debt securities, shares of
preferred stock (or depositary shares representing fractional interests
therein), shares of common stock, warrants or rights to purchase any of the
foregoing securities, and units consisting of two or more of these classes or
series of securities and limited guarantees of debt securities issued by the
Operating Partnership. This shelf registration statement also authorized the
Operating Partnership to publicly issue unsubordinated debt securities. This
shelf registration statement was due to expire in July 2021. However, the
Company no longer qualifies as a well-known seasoned issuer under SEC rules, and
we therefore are unable to use this shelf registration.

Our common and preferred stock outstanding at December 31, 2019 was as follows (in thousands, except stock prices):



                                                           Shares            Stock
                                                         Outstanding       Price (1)
Common stock and operating partnership units                  200,189     $ 

1.05

7.375% Series D Cumulative Redeemable Preferred Stock           1,815       

250.00

6.625% Series E Cumulative Redeemable Preferred Stock             690          250.00



(1) Stock price for common stock and Operating Partnership units equals the

closing price of our common stock on December 31, 2019. The stock prices for

the preferred stock represent the liquidation preference of each respective

    series of preferred stock.


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Contractual Obligations

The following table summarizes our significant contractual obligations as of December 31, 2019 (in thousands):



                                                                  Payments Due By Period
                                                       Less Than 1          1-3             3-5         More Than 5
                                         Total            Year             Years           Years           Years
Long-term debt:
Total consolidated debt service (1)   $ 4,218,231$     484,522$ 1,281,893$ 1,622,653$    829,163
Noncontrolling interests' share in
other consolidated
  subsidiaries                            (38,439 )          (2,049 )        (5,759 )        (3,702 )        (26,929 )
Our share of unconsolidated
affiliates debt service (2)               871,233            85,125         239,011         267,514          279,583
Our share of total debt service
obligations                             5,051,025           567,598       1,515,145       1,886,465        1,081,817

Operating leases: (3)
Ground leases on consolidated
Properties                                 14,047               558             923             547           12,019

Purchase obligations: (4)
Construction contracts on
consolidated Properties                    31,502            31,502               -               -                -
Our share of construction contracts
on
  unconsolidated Properties                 8,097             8,097               -               -                -
Our share of total purchase
obligations                                39,599            39,599               -               -                -

Other Contractual Obligations: (5)
Master Services Agreements                104,869            38,134          66,735               -                -

Total contractual obligations $ 5,209,540$ 645,889$ 1,582,803$ 1,887,012$ 1,093,836

(1) Represents principal and interest payments due under the terms of mortgage

and other indebtedness, net and includes $951,338 of variable-rate debt

service on one operating Property, one construction loan, the secured line of

credit and the secured term loan. The secured line of credit does not require

scheduled principal payments. The future interest payments are projected

based on the interest rates that were in effect at December 31, 2019.

See Note 8 to the consolidated financial statements for additional

information regarding the terms of long-term debt. The total consolidated

debt service includes two loans, with an aggregate principal balance of

$92,186 as of December 31, 2019, secured by Greenbrier Mall and Hickory Point

Mall, which were in default. The Company is in discussion with the lenders.

(2) Includes $265,256 of variable-rate debt service. Future contractual

obligations have been projected using the same assumptions as used in (1)

above.

(3) Obligations where we own the buildings and improvements, but lease the

underlying land under long-term ground leases. The maturities of these leases

range from 2021 to 2089 and generally provide for renewal options.

(4) Represents the remaining balance to be incurred under construction contracts

that had been entered into as of December 31, 2019, but were not complete.

The contracts are primarily for development of Properties.

(5) Represents the remainder of a five year agreement for maintenance, security,

and janitorial services at our Properties. We have the right to cancel the

contract after October 1, 2019.

Capital Expenditures

Deferred maintenance expenditures are generally billed to tenants as CAM expense, and most are recovered over a 5 to 15-year period. Renovation expenditures are primarily for remodeling and upgrades of Malls, of which a portion is recovered from tenants over a 5 to 15-year period. We recover these costs through fixed amounts with annual increases or pro rata cost reimbursements based on the tenant's occupied space.

                                       63

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The following table, which excludes expenditures for developments and expansions, summarizes these capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the year ended December 31, 2019 compared to 2018 (in thousands):



                                           Year Ended December 31,
                                             2019             2018
Tenant allowances (1)                    $     36,325$  40,362

Renovations                                         -             963

Deferred maintenance:
Parking area and parking area lighting          4,223           1,480
Roof repairs and replacements                   5,787           4,341
Other capital expenditures                     20,722          22,757
Total deferred maintenance                     30,732          28,578

Capitalized overhead                            2,294           4,792

Capitalized interest                            2,661           3,655

Total capital expenditures               $     72,012$  78,350

(1) Tenant allowances primarily relate to new leases.

Tenant allowances related to renewal leases were not

material for the periods presented.



Annual capital expenditures budgets are prepared for each of our Properties that
are intended to provide for all necessary recurring and non-recurring capital
expenditures. We believe that property operating cash flows, which include
reimbursements from tenants for certain expenses, will provide the necessary
funding for these expenditures.

Developments and Redevelopments

Properties Opened During the Year Ended December 31, 2019


(Dollars in thousands)



                                                                               CBL's Share of
                                      CBL             Total                                                                 Initial
                                   Ownership         Project          Total         Cost to        2019       Opening     Unleveraged
Property                Location    Interest       Square Feet       Cost (1)       Date (2)       Cost         Date         Yield
Outparcel
Development:
Mid Rivers Mall -       St.
CubeSmart               Peters,            50 %          93,540     $    4,122$    3,646$   973      Jan-19              9.0 %
Self-storage (3)        MO



(1) Total Cost is presented net of reimbursements to be received.

(2) Cost to Date does not reflect reimbursements until they are received.

(3) Yield is based on the expected yield upon stabilization.

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Redevelopments Completed During the Year Ended December 31, 2019


(Dollars in thousands)



                                                                                               CBL's Share of
                                                     CBL              Total                                                                  Initial
                                                  Ownership          Project          Total        Cost to        2019        Opening      Unleveraged
Property                     Location              Interest        Square Feet      Cost (1)      Date (2)        Cost          Date          Yield
Mall Redevelopments:
Brookfield Square Sears
Redevelopment -              Brookfield, WI               100 %         130,075     $  25,233$  21,946$ 11,112     Jul/Oct-19            10.1 %
(Whirlyball, Movie Tavern
by Marcus Theaters) (3)
Dakota Square Mall -         Minot, ND                    100 %          28,406         2,478         2,293        1,315       Apr-19              14.4 %
HomeGoods
East Towne Mall -            Madison, WI                  100 %           9,000         2,956         2,487           71       Feb-19               8.0 %
Portillo's
Friendly Center - O2         Greensboro, NC                50 %          27,048         2,285         1,843          436       Apr-19              10.3 %
Fitness
Hanes Mall - Dave &          Winston-Salem, NC            100 %          44,922         5,932         4,559        2,413       May-19              11.0 %
Buster's
Laurel Park Place Carsons    Livonia, MI                  100 %          45,000         3,886         3,643        3,621       Nov-19               5.9 %
Redevelopment - Dunhams
Northgate Mall - Sears
Auto Center Redevelopment    Chattanooga, TN              100 %          10,000         1,797           530           17       Feb-19               7.6 %
(Aubrey's/Panda Express)
Parkdale Mall - Macy's
Redevelopment (Dick's        Beaumont, TX                 100 %          86,136        20,899        16,819       10,815       May-19               6.4 %
Sporting Goods/Five
Below/HomeGoods) (3)
Volusia Mall - Sears Auto
Center Redevelopment         Daytona Beach, FL            100 %          23,341         9,795         5,678          264       Apr-19               8.0 %
(Bonefish Grill/Metro
Diner)
Total Redevelopment                                                     403,928     $  75,261$  59,798$ 30,064
Completed






(1) Total Cost is presented net of reimbursements to be received.

(2) Cost to Date does not reflect reimbursements until they are received.

(3) The return reflected represents a pro forma incremental return as Total Cost

excludes the cost related to the acquisition of the Sears (Brookfield) and

    Macy's (Parkdale) buildings in 2017.




                                       65
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We completed several Anchor redevelopments during 2019, adding in a variety of
non-traditional tenants, as we continue to reinvent our Properties into suburban
town centers.

Properties under Development at December 31, 2019


(Dollars in thousands)



                                                                                              CBL's Share of
                                                    CBL              Total                                                    Expected         Initial
                                                 Ownership          Project          Total        Cost to        2019          Opening       Unleveraged
Property                     Location             Interest        Square Feet      Cost (1)      Date (2)        Cost           Date            Yield
Outparcel Development:
Fremaux Town Center - Old    Slidell, LA                  90 %          12,467     $   1,919$   1,454$  1,454        Q2 '20                 9.2 %
Navy
Hamilton Place - Self        Chattanooga, TN              60 %          68,875         5,824         1,119        1,119        Q2 '20                 8.7 %
Storage (3)
Mayfaire Town Center -       Wilmington, NC              100 %           6,300         2,267           366          366        Q3 '20                10.1 %
First Watch
Parkdale Mall - Self         Beaumont, TX                 50 %          69,341         4,435         2,504        2,504        Q1 '20                10.2 %
Storage (3)
Pearland Town Center - HCA   Pearland, TX                100 %          48,416        14,134           857          857        Q1 '21                 9.5 %
Offices
                                                                       205,399        28,579         6,300        6,300
Mall Redevelopments:
CherryVale Mall - Sears      Rockford, IL                100 %         114,118         3,508         2,902        2,902        Q1 '20                 8.3 %
Redevelopment (Tilt)
Coastal Grand - DSG/Golf     Myrtle Beach, SC             50 %         132,727         6,820         1,066        1,066        Q3 '20                11.6 %
Galaxy & Flip N' Fly
Dakota Square Mall -
Herberger's Redevelopment    Minot, ND                   100 %          30,096         6,410         4,349        4,206        Q1 '20                 7.2 %
(Ross/shops)
Hamilton Place - Sears
Redevelopment (Cheesecake
Factory/Dick's Sporting      Chattanooga, TN             100 %         195,166        38,715        25,856       16,249       Q2/Q3 '20               7.8 %
Goods/Dave &
Buster's/Hotel/Office) (4)
Mall del Norte - Forever
21 Redevelopment (Main       Laredo, TX                  100 %          81,242        10,514         5,659        5,614     Q3 '19/Q2 '20             9.3 %
Event)

                                                                       553,349        65,967        39,832       30,037
Total Properties Under                                                 758,748     $  94,546$  46,132$ 36,337
  Development



(1) Total Cost is presented net of reimbursements to be received.

(2) Cost to Date does not reflect reimbursements until they are received.

(3) Yield is based on the expected yield upon stabilization.

(4) The return reflected represents a pro forma incremental return as Total Cost

excludes the cost related to the acquisition of the Sears (Hamilton Place)

building in 2017.

Shadow Development Pipeline at December 31, 2019

(Dollars in thousands)



                                                                                 CBL's
                                                                               Share of
                                                 CBL              Total        Estimated   Expected      Initial
                                              Ownership          Project         Total     Opening     Unleveraged
Property                  Location            Interest         Square Feet     Cost (1)      Date         Yield
Mall Development:
Cross Creek Sears
Redevelopment - Dave &    Fayetteville, NC         100   %   65,000 -
66,000   $17,000 -     2021     10.0% - 11.0%
Buster's, Restaurants                                                            $18,000
(2)(3)



(1) Total Cost is presented net of reimbursements to be received.

(2) Yield is based on expected yield upon stabilization.

(3) The return reflected represents a pro forma incremental return as Total Cost

    excludes the cost related to the acquisition of the Sears (Cross Creek)
    building in 2017


                                       66
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We are continually pursuing new redevelopment opportunities and have projects in
various stages of pre-development. Our shadow pipeline consists of projects for
Properties on which we have completed initial project analysis and design but
which have not commenced construction as of December 31, 2019. Except for the
projects presented above, we did not have any other material capital commitments
as of December 31, 2019.

Off-Balance Sheet Arrangements

Unconsolidated Affiliates


We have ownership interests in 28 unconsolidated affiliates as of December 31,
2019. See   Note 7   to the consolidated financial statements for more
information. The unconsolidated affiliates are accounted for using the equity
method of accounting and are reflected in the accompanying consolidated balance
sheets as investments in unconsolidated affiliates.

Guarantees


We may guarantee the debt of a joint venture primarily because it allows the
joint venture to obtain funding at a lower cost than could be obtained
otherwise. This results in a higher return for the joint venture on its
investment, and a higher return on our investment in the joint venture. We may
receive a fee from the joint venture for providing the guaranty. Additionally,
when we issue a guaranty, the terms of the joint venture agreement typically
provide that we may receive indemnification from the joint venture partner or
have the ability to increase our ownership interest.

See   Note 15   to the consolidated financial statements for information related
to our guarantees of unconsolidated affiliates' debt as of December 31, 2019 and
2018.

Critical Accounting Policies and Estimates


Our consolidated financial statements are prepared in accordance with GAAP. In
preparing our financial statements, we are required to make assumptions and
estimates about future events, and apply judgments that affect the reported
amounts of assets, liabilities, revenues, expenses and the related
disclosures. We base our assumptions, estimates and judgments on historical
experience, current trends and other factors that management believes to be
relevant at the time our consolidated financial statements are prepared. On a
regular basis, we review the accounting policies, assumptions, estimates and
judgments to ensure that our financial statements are presented fairly and in
accordance with GAAP. However, because future events and their effects cannot be
determined with certainty, actual results could differ from our assumptions and
estimates, and such differences could be material.

An accounting policy is deemed to be critical if it requires an accounting
estimate to be made based on assumptions about matters that are highly uncertain
at the time the estimate is made and if different estimates that are reasonably
likely to occur could materially impact the financial statements. Management
believes that the following critical accounting policies discussed in this
section reflect its more significant estimates and assumptions used in
preparation of the consolidated financial statements. We have reviewed these
critical accounting estimates and related disclosures with the Audit Committee
of our board of directors. See   Note 2   of the Notes to Consolidated Financial
Statements, included in   Item 8   of this Annual Report on Form 10-K for a
discussion of our significant accounting policies.

Revenue Recognition


Minimum rental revenue from operating leases is recognized on a straight-line
basis over the initial terms of the related leases. Certain tenants are required
to pay percentage rent if their sales volumes exceed thresholds specified in
their lease agreements. Percentage rent is recognized as revenue when the
thresholds are achieved and the amounts become determinable.

We receive reimbursements from tenants for real estate taxes, insurance, CAM,
and other recoverable operating expenses as provided in the lease agreements.
Tenant reimbursements are recognized as revenue in the period the related
operating expenses are incurred. Tenant reimbursements related to certain
capital expenditures are billed to tenants over periods of 5 to 15 years and are
recognized as revenue in accordance with underlying lease terms.

We receive management, leasing and development fees from third parties and
unconsolidated affiliates. Management fees are charged as a percentage of
revenues (as defined in the management agreement) and are recognized as revenue
when earned. Development fees are recognized as revenue on a pro rata basis over
the development period. Leasing fees are charged for newly executed leases and
lease renewals and are recognized as revenue when earned. Development and
leasing fees received from unconsolidated affiliates during the development
period are recognized as

                                       67

--------------------------------------------------------------------------------

revenue to the extent of the third-party partners' ownership interest. Fees to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate.


Gains on sales of real estate assets are recognized when it is determined that
the sale has been consummated, the buyer's initial and continuing investment is
adequate, our receivable, if any, is not subject to future subordination, and
the buyer has assumed the usual risks and rewards of ownership of the asset.
When we have an ownership interest in the buyer, gain is recognized to the
extent of the third-party partner's ownership interest and the portion of the
gain attributable to our ownership interest is deferred.

Real Estate Assets


All acquired real estate assets are accounted for using the acquisition method
of accounting and accordingly, the results of operations are included in the
consolidated statements of operations from the respective dates of acquisition.
The purchase price is allocated to (i) tangible assets, consisting of land,
buildings and improvements, as if vacant, and tenant improvements and (ii)
identifiable intangible assets and liabilities generally consisting of above-
and below-market leases and in-place leases. We use estimates of fair value
based on estimated cash flows, using appropriate discount rates, and other
valuation methods to allocate the purchase price to the acquired tangible and
intangible assets. Liabilities assumed generally consist of mortgage debt on the
real estate assets acquired. Assumed debt with a stated interest rate that is
significantly different from market interest rates is recorded at its fair value
based on estimated market interest rates at the date of acquisition. Following
our adoption of Accounting Standards Update 2017-01, Clarifying the Definition
of a Business, on a prospective basis in January 2017, we expect our future
acquisitions will be accounted for as acquisitions of assets in which related
transaction costs will be capitalized.

Carrying Value of Long-Lived Assets


We monitor events or changes in circumstances that could indicate the carrying
value of a long-lived asset may not be recoverable. When indicators of potential
impairment are present that suggest that the carrying amounts of a long-lived
asset may not be recoverable, we assess the recoverability of the asset by
determining whether the asset's carrying value will be recovered through the
estimated undiscounted future cash flows expected from our probability weighted
use of the asset and its eventual disposition. In the event that such
undiscounted future cash flows do not exceed the carrying value, we adjust the
carrying value of the long-lived asset to its estimated fair value and recognize
an impairment loss.  The estimated fair value is calculated based on the
following information, in order of preference, depending upon
availability: (Level 1) recently quoted market prices, (Level 2) market prices
for comparable properties, or (Level 3) the present value of future cash flows,
including estimated salvage value. Certain of our long-lived assets may be
carried at more than an amount that could be realized in a current disposition
transaction.  The Company estimates future operating cash flows, the terminal
capitalization rate and the discount rate, among other factors. As these
assumptions are subject to economic and market uncertainties, they are difficult
to predict and are subject to future events that may alter the assumptions used
or management's estimates of future possible outcomes. Therefore, the future
cash flows estimated in our impairment analyses may not be achieved.

During the year ended December 31, 2019, we recorded a loss on impairment
totaling $239.5 million, which primarily consists of six malls and one community
center. During 2018, we recorded a loss on impairment totaling $174.5 million,
which primarily consists of $158.4 million attributable to five malls and $16.1
million related to vacant land. During 2017, we recorded a loss on impairment
totaling $71.4 million, which was primarily attributable to two malls. See

Note 6 and Note 16 to the consolidated financial statements for additional information about these impairment losses.

Investments in Unconsolidated Affiliates


On a periodic basis, we assess whether there are any indicators that the fair
value of our investments in unconsolidated affiliates may be impaired. An
investment is impaired only if our estimate of the fair value of the investment
is less than the carrying value of the investment, and such decline in value is
deemed to be other than temporary. To the extent impairment has occurred, the
loss is measured as the excess of the carrying amount of the investment over the
fair value of the investment. Our estimates of fair value for each investment
are based on a number of assumptions such as future leasing expectations,
operating forecasts, discount rates and capitalization rates, among
others. These assumptions are subject to economic and market uncertainties
including, but not limited to, demand for space, competition for tenants,
changes in market rental rates, and operating costs. As these factors are
difficult to predict and are subject to future events that may alter our
assumptions, the fair values estimated in the impairment analyses may not be
realized.

                                       68
--------------------------------------------------------------------------------


In 2018, an unconsolidated affiliate recognized an impairment of $89.8 million
related to a mall. We recorded $1.0 million as our share of the loss on
impairment, which reduced the carrying value of our investment in the joint
venture to zero. See   Note 7   to the consolidated financial statements for
additional information about this impairment loss. No impairments of investments
in unconsolidated affiliates were incurred during 2019 and 2017.

Recent Accounting Pronouncements

See Note 2 to the consolidated financial statements for information on recently issued accounting pronouncements.

Impact of Inflation and Deflation


Deflation can result in a decline in general price levels, often caused by a
decrease in the supply of money or credit. The predominant effects of deflation
are high unemployment, credit contraction and weakened consumer
demand. Restricted lending practices could impact our ability to obtain
financings or refinancings for our Properties and our tenants' ability to obtain
credit. Decreases in consumer demand can have a direct impact on our tenants and
the rents we receive.

During inflationary periods, substantially all of our tenant leases contain
provisions designed to mitigate the impact of inflation. These provisions
include clauses enabling us to receive percentage rent based on tenants' gross
sales, which generally increase as prices rise, and/or escalation clauses, which
generally increase rental rates during the terms of the leases. In addition,
many of the leases are for terms of less than ten years, which may provide us
the opportunity to replace existing leases with new leases at higher base and/or
percentage rent if rents of the existing leases are below the then existing
market rate. Most of the leases require the tenants to pay a fixed amount
subject to annual increases for their share of operating expenses, including
CAM, real estate taxes, insurance and certain capital expenditures, which
reduces our exposure to increases in costs and operating expenses resulting from
inflation.

Non-GAAP Measure

Funds from Operations

FFO is a widely used non-GAAP measure of the operating performance of real
estate companies that supplements net income (loss) determined in accordance
with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT")
defines FFO as net income (loss) (computed in accordance with GAAP) excluding
gains or losses on sales of depreciable operating properties and impairment
losses of depreciable properties, plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures and
noncontrolling interests. Adjustments for unconsolidated partnerships and joint
ventures and noncontrolling interests are calculated on the same basis. We
define FFO as defined above by NAREIT less dividends on preferred stock of the
Company or distributions on preferred units of the Operating Partnership, as
applicable. Our method of calculating FFO may be different from methods used by
other REITs and, accordingly, may not be comparable to such other REITs.

We believe that FFO provides an additional indicator of the operating
performance of our Properties without giving effect to real estate depreciation
and amortization, which assumes the value of real estate assets declines
predictably over time. Since values of real estate assets have historically
risen or fallen with market conditions, we believe that FFO enhances investors'
understanding of our operating performance. The use of FFO as an indicator of
financial performance is influenced not only by the operations of our Properties
and interest rates, but also by our capital structure.

We present both FFO allocable to Operating Partnership common unitholders and
FFO allocable to common shareholders, as we believe that both are useful
performance measures. We believe FFO allocable to Operating Partnership common
unitholders is a useful performance measure since we conduct substantially all
of our business through our Operating Partnership and, therefore, it reflects
the performance of the Properties in absolute terms regardless of the ratio of
ownership interests of our common shareholders and the noncontrolling interest
in our Operating Partnership. We believe FFO allocable to common shareholders is
a useful performance measure because it is the performance measure that is most
directly comparable to net income (loss) attributable to common shareholders.

In our reconciliation of net income (loss) attributable to common shareholders
to FFO allocable to Operating Partnership common unitholders that is presented
below, we make an adjustment to add back noncontrolling interest in income
(loss) of our Operating Partnership in order to arrive at FFO of the Operating
Partnership common unitholders. We then apply a percentage to FFO of our
Operating Partnership common unitholders to arrive at FFO allocable to common
shareholders. The percentage is computed by taking the weighted-average number
of common shares outstanding for the period and dividing it by the sum of the
weighted-average number of common shares and the weighted-average number of
Operating Partnership units held by noncontrolling interests during the period.

                                       69

--------------------------------------------------------------------------------


FFO does not represent cash flows from operations as defined by GAAP, is not
necessarily indicative of cash available to fund all cash flow needs and should
not be considered as an alternative to net income (loss) for purposes of
evaluating our operating performance or to cash flow as a measure of liquidity.

We believe that it is important to identify the impact of certain significant
items on our FFO measures for a reader to have a complete understanding of our
results of operations. Therefore, we have also presented adjusted FFO measures
excluding these significant items from the applicable periods. Please refer to
the reconciliation of net income (loss) attributable to common shareholders to
FFO allocable to Operating Partnership common unitholders below for a
description of these adjustments.

FFO allocable to Operating Partnership common unitholders decreased 17.5% to
$280.2 million for the year ended December 31, 2019 compared to $339.8 million
for the prior year. After making the adjustments noted below, FFO of the
Operating Partnership, as adjusted, decreased 21.3% for the year ending
December 31, 2019 to $271.5 million compared to $345.1 million in 2018. The
decline in FFO was primarily a result of dilution from asset sales, lower gains
on outparcel sales and declines in Property NOI primarily related to retailer
and anchor bankruptcies.

The reconciliation of net income (loss) attributable to common shareholders to
FFO allocable to Operating Partnership common unitholders is as follows (in
thousands):



                                                         Year Ended December 31,
                                                    2019           2018           2017
Net income (loss) attributable to common         $ (153,669 )$ (123,460 )$   76,048
shareholders
Noncontrolling interest in income (loss) of         (23,683 )      (19,688 )       12,652
Operating Partnership
Depreciation and amortization expense of:
Consolidated Properties                             257,746        285,401        299,090
Unconsolidated affiliates                            49,434         41,858         38,124
Non-real estate assets                               (3,650 )       (3,661 )       (3,526 )
Noncontrolling interests' share of                   (8,191 )       (8,601 )       (8,977 )
depreciation and amortization
Loss on impairment, net of taxes                    239,521        174,416  

70,185

Loss on impairment of unconsolidated                      -          1,022              -

affiliates

Gain on depreciable property, net of taxes and      (77,250 )       (7,484 )      (48,983 )
noncontrolling interests' share
FFO allocable to Operating Partnership common       280,258        339,803  

434,613

unitholders

Litigation settlement, net of taxes (1)              61,271              -  

103

Nonrecurring professional fees expense                    -              -           (919 )
(reimbursement) (1)
Loss on investments (2)                                   -              -  

6,197

Non-cash default interest expense (3)                 1,688          5,285  

5,319

Impact of new tax law on income tax expense               -              -  

2,309

Gain on extinguishment of debt, net of              (71,722 )            -        (33,902 )
noncontrolling interests' share (4)
FFO allocable to Operating Partnership common    $  271,495$  345,088$  413,720
  unitholders, as adjusted

FFO per diluted share                            $     1.40$     1.70$     2.18

FFO, as adjusted, per diluted share              $     1.36$     1.73$     2.08

(1) The year ended December 31, 2019 is comprised of the accrued maximum expense

of $88,150 recorded in the three months ended March 31, 2019 less total

subsequent reductions of $26,396 pursuant to the terms of the settlement

agreement related to past tenants that did not submit a claim pursuant to the

terms of the settlement agreement, tenants that opted out of the lawsuit and

    other permissible reductions. Litigation expense and nonrecurring
    professional fees expense, including settlements paid, are included in
    general and administrative expense in the consolidated statements of
    operations. Nonrecurring professional fees reimbursement is included in
    interest and other income in the consolidated statements of operations.




(2) The year ended December 31, 2017 includes a loss on investment related to the

sale of our 25% interest in River Ridge Mall JV, LLC to our joint venture

    partner.




(3) The year ended December 31, 2019 includes non-cash default interest expense

related to Acadiana Mall, Cary Towne Center, Greenbrier Mall and Hickory

Point Mall. The year ended December 31, 2018 includes non-cash default

interest expense related to Acadiana Mall, Cary Towne Center and Triangle

Town Center. The year ended December 31, 2017 includes non-cash default

interest expense related to Acadiana Mall, Chesterfield Mall, Midland Mall

and Wausau Center.

(4) The year ended December 31, 2019 includes a gain on extinguishment of debt

related to the non-recourse loan secured by Acadiana Mall, which was conveyed

to the lender in the first quarter of 2019, and a gain on extinguishment of

debt related to the non-recourse loan secured by Cary Towne Center, which was

sold in the first quarter of 2019. The year ended December 31, 2017 includes

a gain on extinguishment of debt of $39,798 related to the non-recourse loans

    secured by Chesterfield Mall, Midland Mall and Wausau Center which were
    conveyed to their respective lenders in 2017.


                                       70
--------------------------------------------------------------------------------

   This gain was partially offset by a loss on extinguishment of debt from
   prepayment fees on the early retirement of mortgage loans, net of the
   noncontrolling interests' share.

The reconciliation of diluted EPS attributable to common shareholders to FFO per diluted share is as follows:



                                                       Year Ended December 31,
                                                     2019        2018        2017
Diluted EPS attributable to common shareholders    $  (0.89 )$ (0.72 )$  0.44
Eliminate amounts per share excluded from FFO:
Depreciation and amortization expense, including
  amounts from consolidated Properties,
  unconsolidated affiliates, non-real estate           1.48        1.58        1.64
  assets and excluding amounts allocated to
  noncontrolling interests
Loss on impairment, net of taxes                       1.19        0.88     

0.35

Gain on depreciable Property, net of taxes and (0.38 ) (0.04 )

(0.25 )

  noncontrolling interests' share
FFO per diluted share                              $   1.40$  1.70$  2.18




The reconciliations of FFO allocable to Operating Partnership common unitholders
to FFO allocable to common shareholders, including and excluding the adjustments
noted above are as follows (in thousands):



                                                           Year Ended December 31,
                                                      2019          2018          2017
FFO of the Operating Partnership                    $ 280,258$ 339,803$ 434,613
Percentage allocable to common shareholders (1)         86.65 %       86.42 %       85.83 %
FFO allocable to common shareholders                $ 242,844$ 293,658

$ 373,028

FFO allocable to Operating Partnership common $ 271,495$ 345,088

$ 413,720

  unitholders, as adjusted
Percentage allocable to common shareholders (1)         86.65 %       86.42 %       85.83 %
FFO allocable to common shareholders, as adjusted   $ 235,250$ 298,225$ 355,096

(1) Represents the weighted-average number of common shares

outstanding for the period divided by the sum of the

weighted-average number of common shares and the

weighted-average number of Operating Partnership units held

by noncontrolling interests during the period.

© Edgar Online, source Glimpses

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